Eurofins Core Business Sets Record Performance in Q2 2021 With 25% Organic Growth Year-on-year

CANNANNEW REPORT

LUXEMBOURG–(BUSINESS WIRE)–Regulatory News: Eurofins Scientific (Paris:ERF): Strong growth of revenues, resulting in a record six month period with EUR 3,272m revenues in H1 2021 up 41% vs. H1 2020, thanks to strong growth of Eurofins’ Core Business (excluding COVID-19 related clinical testing and reagent revenues) and sustained revenues from COVID-19 testing and reagents (close to EUR 750m). The Core Business delivered strong organic growth13 in H1 2021 (17% year-on-year) despite some of Eurofins’ businesses remaining affected by lockdowns during H1 2021. Just looking at H1 2021 vs. H1 2020 however, which is an easy comparable, affected by temporary lockdowns, does not give the best picture of long-term organic growth and business recovery. We thus provide comparison with the pre-pandemic period of H1 2019 as an additional data point. Core Business organic growth was 16% in H1 2021 vs. H1 2019, and close to 13% vs. H1 2019 corrected for the EUR 62m estimated missing revenues from the cyber-attack of 2 June 2019. With organic revenues 13% above H1 2019 in H1 2021, Eurofins’ Core Business is once again leading the TIC industry in terms of organic growth. Since the last pre-pandemic comparable period (H1 2019) the Core Business has delivered a CAGR of over 6% compared with an average of about 0.5% for the three historic TIC leaders. Eurofins has done a very modest level of acquisitions in 2019, 2020 and H1 2021 and this again confirms that acquisitions do not boost organic growth. In fact, integration efforts rather reduce organic growth. The strong growth of the Core Business in the first half of 2021 comes in part from a faster recovery than expected. At the time of FY 2020 results publication, we estimated that EUR 250m revenues had been lost in FY 2020 due to the impact of COVID-19…

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Source : Eurofins Core Business Sets Record Performance in Q2 2021 With 25% Organic Growth Year-on-year

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